Oil Rises a Fifth Day as Economic Growth Counters Budget: Report
Crude in New York rose for a fifth day, the longest stretch of gains since September, as better-than-projected economic growth in the U.S. countered concern that American budget negotiations will fail, Bloomberg reported.
Futures reached a two-month high after the Commerce Department U.S. gross domestic product grew at a 3.1% annual rate in the third quarter, greater than the highest forecast in a Bloomberg survey. Oil fell as much as 0.8% earlier on speculation that efforts to avert the so-called fiscal cliff of tax gains and spending cuts are deteriorating.
Crude oil for February delivery rose 15 cents to $90.13 a barrel on the New York Mercantile Exchange, the highest settlement since Oct. 18. Futures, which have gained 3.9% this week, are down 8.8% this year.
Brent oil for February settlement rose 5 cents to $110.41 a barrel on the London-based ICE Futures Europe exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.